Minneapolis average rent reaches record-high after 2.5% rise in April
Minneapolis, Minnesota. Skyline showing the Mississippi river and US Bank Stadium in the fall. (Photo by: Michael Siluk/UCG/Universal Images Group via Getty Images)
MINNEAPOLIS (FOX 9) - Rent in Minneapolis rose to a record high in April, making it an outlier when the national average rent continues to drop.
The report, published by Realtor.com, states the median rent in Minneapolis rose by 2.5% in April to an average cost of $1,529.
The report states the rise is being driven by "below-average unemployment rates and the slow pace of new multi-home construction."
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Minneapolis is joined by Indianapolis, where rent rose 4.5% annually to $1,334, and Milwaukee, where rent rose by 3.8% in April to $1,671.
Minneapolis also stands in contrast to most Midwestern cities, where rent is generally more affordable than in other parts of the country, according to the report from Realtor.com.
The report can be found here.
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